Los zamuros del petróleo rondan a una PDVSA moribunda The article describes how politics and oil have always been linked in Venezuela, and this continues today with “oil vultures” seeking to profit from the interim government’s need for dollars. These figures, including financial operators and advisors, are willing to sacrifice democratic transition for financial gain. The government is reforming oil laws to attract private investment, and the interim president has allowed the US government to manage Venezuelan oil sales due to rampant corruption.

• Politics and oil have been intertwined in Venezuela since the early 20th century.
• Opportunistic figures, termed “oil vultures,” are seeking to profit from the interim government’s need for dollars.
• These vultures prioritize financial gain over establishing the rule of law and transitioning to democracy.
• Some vultures seek additional oil exploitation licenses, while others are financial operators who bought Venezuelan bonds at low prices.
• Advisors for bondholders are lobbying for a false stability with the Chavista regime in power.
• Venezuela needs billions of dollars to recover its oil industry, which will likely come from international transnationals.
• The interim government is reforming the Hydrocarbons Law to attract private investment and offer tax flexibility.
• The interim president has allowed the US government to sell, collect, and transfer money from Venezuelan oil, placing PDVSA under a form of tutelage due to corruption.
• Rampant corruption, including an estimated $10-21 billion theft by Tareck El Aissami and his associates, has destroyed PDVSA.
• The future Venezuelan oil industry should be private but under strict, transparent state regulation, ensuring legal certainty, fair concession distribution, tax collection, and an end to corruption.
• An integral energy strategy is needed to utilize all of Venezuela’s resources, including natural gas and hydroelectricity, to rebuild infrastructure and industries.
• The article concludes that none of this is possible while the “oil vultures” dictate the political agenda and emphasizes the urgent need for a consensus to rebuild democracy.